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The IRS has issued new guidelines that could provide considerable tax savings for homeowners that deduct their home office. In his article in TAXES: The Tax Magazine, David Lavin discusses how to receive federal tax deductions for home office expenses and he explores the benefits offered in a new Revenue Procedure, including how to qualify for both the gain exclusion on the exchange of a principle residence and nonrecognition of gain from a like-kind exchange.
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At first blush, the S corporation basis (and at-risk) rules appear to be simple - an S stockholder's basis in his stock is increased by the cash contributed to the corporation and by the share of income allocated to the stockholder and decreased by distributions and the share of losses allocated to him. In the latest issue of Journal of Passthrough Entities, Steve Owen discusses what a recent Tax Court decision tells us about how to structure loans to an S corporation to obtain stock basis and an amount at risk.
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The concept of affiliate nexus - the notion that the local presence of one company can create nexus for a related out-of-state affiliate - is certainly not new. Now, nearly 15 years after the Supreme Court decision in Quill, affiliate nexus remains a significant source of controversy. In the current issue of the Journal of State Taxation, Mary Ann Gall and Laura Kulwicki discuss nexus guidelines and highlight recent developments in this area that may affect your clients or your business.
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The fast growth of computer technologies, removal of trade barriers, and legal compliance with the tax regulations of both host and home countries has created complexities for multinational businesses and transfer pricing for intangibles. In a recent issue of the International Tax Journal, Wagdy Adballah and Athar Murtuza look at the issues and latest trends and strategies surrounding international transfer pricing of intangible assets and e-commerce, and they offer recommendations on how to design the right transfer pricing system for intangibles.
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The cover story for the latest issue of Federal Tax Course Letter reviews the new excise taxes and disclosure rules for tax-exempt entities that were enacted in the recent TIPRA legislation. The new rules target certain potentially abusive transactions involving TEOs and impose new penalties for failing to comply. Just-released IRS guidance defines key terms, provides effective dates for the new provisions, and explains the new disclosure requirements.
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Access last month's issue of Focus on Tax, including "Massive New Law Overhauls Pension Rules, Includes Over 100 Tax Provisions." |
